Quote Originally Posted by Lease-V-cross
I'll just take my chances and turn my VX in at the end of June.
Please be very careful here. You need to know exactly what will happen BEFORE you turn it in. Find out if it's an open or closed end lease. Check the agreement for any expected or required residual value amount at lease end.

In an open-end lease, you are liable for the difference between the predicted residual value and the actual amount received by the lessor on the sale or auction of your vehicle at lease end. If the open-end residual value is artificially inflated to reduce the monthly payments, the shark will show up at lease end when the actual market value of the vehicle is lower and you owe the difference. (Under Federal law, this amount will usually not exceed the sum of 3 monthly payments).

A closed end lease has the residual value agreed upon in advance, which is better for you. Either way you could end up with the dreaded "excessive wear and tear" bill that you'll have to fight them on. Call the bank and talk to someone in the leasing dept. and press them on what will happen in regards to unexpectedly low residual value and any other bills they may end up sending you. You don't wanna be surprised by getting a $2,000 bill in the mail.

Be informed and don't just take your chances. You can avoid the bank entirely by trading in the VX now on your next vehicle, but they will have to give you the payoff amount for your VX.

Mark